Huge Debts No Job - Cheap <2k Solution - DIY Self-filing Debtor's Bankruptcy - No need to jump etc

[poormummy]

HELP HELP

HI,

ANYONE HERE HAS EXPERIENCE FOR COMPANY WINDING UP DUE TO CANT PAY BANK LOAN HUGE DEBTS?

DONT KNOW THE PROCEDURE, ANYONE KNOWING IT?

SHALL JUST GRAB AND GO AND WAIT FOR BANK TO COME OR VOLUNTARY WINDING UP BUT CANT PAY BACK THE DEBTS?

HELP PLS.

MANY THANKS

 

[ELKYme]

It depends on what you registered the company under.

1) If the company it’s a Pte Ltd, it is treated as a separate entity. As such, creditors cannot go after the shareholder(s) as the shareholder(s) are only liable for the paid-up capital....unless the shareholder(s) signed a PG(personal guarantor) to the creditor.

2) If the company is registered as a sole proprietorship or partnership, than the proprietor or partners is/are personally liable for all debts to their creditors (unlimited liability).

I’ve attached additional information here that may help you:

https://www.supremecourt.gov.sg/rul...-and-processes/company-winding-up-proceedings

HI,

ANYONE HERE HAS EXPERIENCE FOR COMPANY WINDING UP DUE TO CANT PAY BANK LOAN HUGE DEBTS?

DONT KNOW THE PROCEDURE, ANYONE KNOWING IT?

SHALL JUST GRAB AND GO AND WAIT FOR BANK TO COME OR VOLUNTARY WINDING UP BUT CANT PAY BACK THE DEBTS?

HELP PLS.

MANY THANKS

 

[Dream catcher]

https://www.todayonline.com/singapore/small-enterprise-owners-saddled-debt-get-help-new-programme

 

[eric3743]

You let banks sued for bankruptcy? How long it takes? From they start sending legal demand letters until courts hearing on bankruptcy?

The lawyer's demand letters do drag a bit here and there for a couple of months.

Next was 1 bank (all my debt are banks credit cards) sent a debt collector who called & visited me in my work place.
But at least he did not bother my working environment/people as wait for me outside my workplace.
His intention is to collect a token amount to consider as task done although he did mentioned $200 is enough.
Although he did not know my debt with his client (bank) was $20+k which seem to be less than 1% of my debt is acceptable to him.
Hence in this way he did not do any damage to my working environment.
After couple of payment in this way i stopped completely.

Note that i had debt with about 10 banks (all credit card/loan) and this particular bank was high due to merging of banks at that time.
All other banks did not take any action and may on occasion send lawyers demand note.

After i had stop dealing with the debt collector the bank next seize my payroll.
First attempt was lawyer demand to my HR to hand the monies to them via Court order but was unsuccessful & failed.
Next the bank use the Court to seize my monies in another bank account where my payroll is.
I did knew about this way they would make the attempt and so i cash out all monies in that bank account upon the payroll went in.
On 1 occasion i missed and they finally took all my monies in that bank account leaving ZERO value.
Hence i fight for my monies to be returned via Chamber which managed to get back >50% for my daily expenses as Judge ruled.

Around 4 months later then i received the WSS and went thru this process.

Finally less than 6 months later then this bank finally take me to bankruptcy.

Overall it could take about a year or less to reached this final stage on bankrupt procedures at OA meeting.. no Court appearance.

But prior to the lawyers letters most of the time i make the minimum sum payment via bank to bank.. borrow one to pay another and so on until i dry.

In summary the whole process would be a drag in time and my debt grew from 40k to 80k and finally 145k at the point of bankrupt in about 2 years, mental calculation.
Do note that my debt rollover started in early 2002 and OA meeting in early 2004.

My other posts within this thread do have more details.

 

[eric3743]

anyone know if a bankrupt die how? his cpf will be seize? then his hdb how? dps will be seize also right? and the home protection scheme how?

Administration in bankruptcy of estate of person dying insolvent

What Happens To A Person’s Debt When They Pass Away In Singapore

What Happens to Your Debts When You Die?

 

[ELKYme]

Your savings in the Central Provident Fund (CPF) are protected from creditors and/or the Official Assignee, regardless of how much you may have been sued for.
https://www.areyouready.sg/YourLifeEvents/Pages/Bankruptcy-movingforwardwithlife.aspx

If you co-own a HDB with your spouse, the contribution and accrued interest paid toward this home by you from your CPF should still be protected by the above.

If your home is still not fully paid up, may I suggest that your spouse buys a term life where you’re the insured and she’s the beneficiary? It’ll address many complications from occurring.

Some advice given by Tan Kin Lian (former CEO of NTUC Income):

When a person becomes a bankrupt, in law everything he owns (including his insurance policies) becomes the property of the Official Assignee.

He cannot buy an insurance policy without the permission of the Official Assignee.

The Official Assignee can and may give permission to a Bankrupt to buy a reasonable protection policy (i.e. a Term Policy) for the benefit of the bankrupt’s family. This permission has to be given in writing.

A simpler way to address the problem is to get the spouse to buy a policy on the life of the bankrupt. In which case the policy will be owned by the spouse and not the bankrupt and the official assignee will have no say over the policy.

anyone know if a bankrupt die how? his cpf will be seize? then his hdb how? dps will be seize also right? and the home protection scheme how?

 

[ELKYme]

Yes Bro.

Go CPF to make a nomination. If there’s no nomination, CPF funds of the deceased MUST first go to the public trustee’s office who will than distribute the funds as dictated by the Intestate Succession Act. This will likely delay the receipt of the CPF funds to your next of kin.
https://www.mlaw.gov.sg/content/pto...s/information-for-next-of-kin-cpf-monies.html

The other owner is “auto protected”
1) Against your creditors (See point 10)
https://www.mlaw.gov.sg/content/io/...eme/bankruptcy/information-for-creditors.html
2) Your share of the on-going contributions for the HDB payments.
https://www.areyouready.sg/YourInfo...the-basics-of-the-Home-Protection-Scheme.aspx

Bro, this is just a very TEMPORARY setback as you’ll be discharged and continue on with a clean slate WITHOUT any outstanding debts, look forward for that!

Don’t despair, many people have been through this:

http://mentalfloss.com/article/20169/7-wildly-successful-people-who-survived-bankruptcy

https://www.google.com.sg/amp/s/amp...ced-back-after-being-broke-or-bankrupt-2017-7

It is what you do AFTER being discharged that matters.

ok so i should go CPF to make nomination if i mati my cpf will go to who etc. then my hdb which is pay using cpf is under HPS so if i mati the other owner will be auto protected right?

 

[eric3743]

ok so i should go CPF to make nomination if i mati my cpf will go to who etc. then my hdb which is pay using cpf is under HPS so if i mati the other owner will be auto protected right?

Bro, do stay focus and do the necessary as in CPF nomination to your loved ones.

While HDB is protected as long as the surviving owner will take ownership.

Many and including me can able to go thru this bankruptcy period for a few years.

Meanwhile carry on with your life as usual as time will go by and all the best to you.

 

[MaxiMax78]

Hi everyone,
Can I check with you guys my frz I've just received letter from lawyer to attend court at Dec next month I would like to know after attend court will they come to my place to seize items as I staying with my mom n they send letter to my mum house coz when I applying from bank is under my ID. but I've a rental flat under my name so will they come under ID but is my mum house or my rental flat name as in different location.
The letter ask me provide bank statement 6months.
Payslips past 3 months
Income tax
CPF
Share/bonds..
Vehicle log card
Certificate of tiltle of properties.

Above mention actually I didn't work for few year so I can prove it but what I mean after I attend court n what is next step happen to me? Also what their next step?

This is just only 1 bank send me to court but actually I still have few banks that owe alot too. So what should I do?

Hope to hear from you guys my frz n appreciate

 

[MaxiMax78]

Hi my frz
I read the lawyer letter again, attend state court hv to bring all my Cpf statement, payslips, income tax...
Letter is written to attend state court next month 10am but didnt put which court num attending. I actually still owe many other banks as well it been more then 5-6 yrs ago n total owing about 140-160k liao. I been jobless for many yrs as I can print n prove it in my statement when gg to court. But anybody encounter this too? Received lawyer letter but no court num n bring all d documents n say what Questionnaire???
Btw i won't be bankrupt so soon? How it actually goes? So what will happen next as this letter is written questionnaire at state court but no stated which court num. I've no money to pay off i think bankrupt is only choice for me but I worry will they come to my mum flat n seize her items? I got a rental flat under my name NOW at tp when i got married last time but i didnt changed my new address on my ID at that time to tp address!!! HDB can check my name is still under my tp rental flat now however I not staying n divorced many yrs liao but didn't remove my name out as I continue renew every 2yrs for letting my ex-wife n son staying.
My ID all along under my mum Hse even till now all my letters was send to my ID address where is my mum house. Will they go up to my mum Hse as my name is not under there??? How about my rental flat? if they go up my rental flat can they seize as I can still prove we've divorced n not staying there anymore? Which flat will they will going???
Can they still seize my mum flat items or rental flat items? How long to take when they will b coming up? How to know if they're coming?
If they come to my mum Hse to seize my mum items as u know TV n many many things my mum can't prove it she bought coz everything was long ago items? Will they go in search everywhere or every room or just casually check?
Thank you n hope to hear from u guys soon

 

[MaxiMax78]

Hi, I now open d letter n there a page

Order Of Court, written the name who in chambers. There a stamp The State Of Court too. Filed 20Nov Hearing Date n Time.
I can't remember how much I owe CIMB + 6yrs from today so adding interest I think shld b alot now liao ******************

I didn't own any car but I have a rental flat in TP still under my name but yet my ID still under another address where my mum staying now. So will they coming up? But I don't know which address they will coming to paste? If TP I got divorce letter to prove it coz rental flat actually is for all low income n married couple.

Letter ask me to bring all produce documents,
>*Bank statement past 6mths
>*Payslips for past 3mths(I jobless for 2yrs+)
>*Income tax n Form IR8A last period of assessment
>*Last 3 statements from CPF

>*Last 3 statements from (CDP) securities broker or fund manger in respect share, bond/or unit trusts.(I got invest my CPF to insurance) so how? I need to go CPF board?
>*Motor Vehicle log card.(I don't own any vehicle)
>*Lease agreement title in respect of my properties,or my rental agreement.(I need go HDB to print out?)

So what I shld do to avoid unnecessary like shld/shldnt to tell prevent them come my Mum Hse as is not under my name?
How about my rental flat coz I already divorced since 2010 n all was before applying credit cards in 2012?

Yes, I moved back to stay with my mum but it not my name at all.
What I mean can i actually tell im not staying both address anymore?

What will this judge mention for this court? if I bring all documents is it straight bankrupt? Or need go again after they check my documents? Can I ask u how many times u went court n settle everything?

In fact i got a pending case in Cantonment n wait for 13months now still no news
if judge ask me why I jobless

I really don't know to handle coz my friends or close friend dont know much or how to encounter it &#55357;&#56851;

Hope to hear from u again, appreciate n thank you

 

[eric3743]

Hi, I now open d letter n there a page

Order Of Court, written the name who in chambers. There a stamp The State Of Court too. Filed 20Nov Hearing Date n Time.


Hope to hear from u again, appreciate n thank you

What is the main subject of this Court Order which may be stated clearly.

Example; Creditor Demand, Bankrupt, Seizure, etc.

Edit/Note: "pending case in Cantonment"
This would not be of relevance in any bankrupt unless related case.


Examples in my case;
1. Seizure of monies in another bank. - In this case i fight this case by going to the Court & check with the clerk on the Chamber# and wait for the Creditor's lawyer to see the Judge.
2. Seizure of monies via my Company HR. - I did not take any action and later i found out no case.
3. Sue or Creditor Demand on payment. - Did nothing as to ignore &or forgotten about it &or didn't know. No news or result. Few months later then proceed to Write of Seizure items.. another few months later then Bankrupt order.

 

[MaxiMax78]

Hi Eric,
what is the main subject of this Court Order which may be stated clearly.

(It stated Claim Against You By CIMB Bank Berhad) below n it written
By way of service, we enclose copies of the Order of Examination of Judgment Debtor dated on 19Dec

Letter few pages need me to fill up Personal Particulars
Work Particulars
Particulars of your debtors
Particulars of your immovable properties situated or oversea
Particulars of your motor vehicle
Particulars of your bank account
Particulars of your other assets
Particulars of your Debtor n Creditors

So many things to fill up

Thank you...

 

[MaxiMax78]

Thank you my friend,
Till today I've not receive the Government Service letter u mention. Maybe I understand now what u mean here thank for the info n details n i will b attend the court n shall see how it goes.

Anyway it had been drag for so long, I know i can't pay back at all.
Just hope it can settle it n i will want see what they want do to me when i in court coz really tired all this things liao.
Thank again n appreciate for all the info n detail...

 

[eric3743]

Hi Guys

I would like to know if a bank wanna froze my saving account with other bank, when can they do it and how can i possibility know roughly when they going to do that.

Currently i'm in nego with a bank to pay off one lump sum with discount but i'm worry they will froze my saving account in other bank while negotiating with them. are they able to froze my account anytime if they want?

Also i have a car under company name (Sole) How to i protect this asset (Car) ? I just transfer the company in acra to another person will do? How about my hire purchase with i'm still paying loan to at the moment?

Really thanks for reading and thanks for helping..

When you do not pay as demand by the Creditors' (banks) lawyers and then they will apply to Court for approval to seize your monies in your other banks accounts.

Once they have the Court approval papers they can do it at any time to seize your monies in your other bank accounts.

 

[MrMoney]

Hi hi all masters and seniors out there, like Vanilla 8111, fight ah long and poor mummy.
What’s the benefit to self declare bankruptcy. Please help

Do I need to file divorce before declare bankruptcy?

As I was cheated by one business partner but business name register under my name and I’m sole proprietor.

And also company van can’t pay the insurance, road tax and installment to Hitachi Capital coming to 3 months
HDB also owe 4 months
Bank loan 50K

Please guide me what to do
Now I drive taxi but cannot cover already. Thinking of Suiiiiiiiiisideeeeeee (I even think borrow from different money lender and ah long then go die and leave some money to my family)

Thanks in advance

 

[havetheveryfun]

Hi hi all masters and seniors out there, like Vanilla 8111, fight ah long and poor mummy.
What’s the benefit to self declare bankruptcy. Please help

Do I need to file divorce before declare bankruptcy?

As I was cheated by one business partner but business name register under my name and I’m sole proprietor.

And also company van can’t pay the insurance, road tax and installment to Hitachi Capital coming to 3 months
HDB also owe 4 months
Bank loan 50K

Please guide me what to do
Now I drive taxi but cannot cover already. Thinking of Suiiiiiiiiisideeeeeee (I even think borrow from different money lender and ah long then go die and leave some money to my family)

Thanks in advance

not worth to declare bankruptcy for 50k-100k debt. once you have a record, it will be hard to find a job in the future

for your case you should try to seek out those credit counselling agencies or something like debt consolidation plan first.. check out this thread instead maybe it might help : https://forums.hardwarezone.com.sg/...ties-243/debt-consolidation-plan-5552242.html . there are a lot more similar plans like that, just try to search around first... bankruptcy should really only be the last resort...

and why dont just close down the company and sell away the van and focus on ur taxi driving ?

 

[eric3743]

Hi hi all masters and seniors out there, like Vanilla 8111, fight ah long and poor mummy.
What’s the benefit to self declare bankruptcy. Please help

Do I need to file divorce before declare bankruptcy?

As I was cheated by one business partner but business name register under my name and I’m sole proprietor.

And also company van can’t pay the insurance, road tax and installment to Hitachi Capital coming to 3 months
HDB also owe 4 months
Bank loan 50K

Please guide me what to do
Now I drive taxi but cannot cover already. Thinking of Suiiiiiiiiisideeeeeee (I even think borrow from different money lender and ah long then go die and leave some money to my family)

Thanks in advance

Consider self declare bankruptcy as the very last resort or being pursue by the creditors.

Never get involved in money lenders and ah long.. please read this thread on;
> Loan Shark Harassment and how to stop it
Summary: They are related and once started there will no ending with harassment and threats that would eventually involved in police matter.

Agreed as to seek credit counselling agencies &or debt consolidation plans.

Do I need to file divorce before declare bankruptcy? Not necessary.
Bankruptcy only involved in the person and would not involved in 3rd parties such as your spouse or partners.
But do take note that if you have any bank accounts shared with someone else then it is best to remove or terminate it, as creditors can seize the monies as long as your name is listed in any bank accounts.
Also to remove your name &or ownership to any properties &or assets as these will be seized along.
CPF and HDB (except on bank loans) are consider safe from creditors.


Business partners &or associates are known to 'play dirty' sometimes.
Likewise my sister was involved and in the end was force to similar situation as yours.

As for other assets in the business do dispose of it and else may go too deep & become unavoidable.. more creditors involved and unable to get rid of.

 

[Aion99]

But do take note that if you have any bank accounts shared with someone else then it is best to remove or terminate it, as creditors can seize the monies as long as your name is listed in any bank accounts.
.

Joint account they cannot touch. The court is unlikely to grant them the right.

 

[ELKYme]

Mr Money,

First off, there are literally thousands of bankrupts, ex-bankrupts in Singapore.
Even if you’re made a bankrupt, you can still get discharged.

Suicide is certainly NOT the solution. You’ve got loved ones who still care for you. Please immediately call the following:

Samaritans of Singapore: 1800 221 4444